NEW YORK ( TheStreet) -- Stock futures were little changed Monday after major U.S. equity averages finished at record highs Friday and as investors appeared cautious about putting more money into a record market ahead of a series of Federal Reserve Bank president speeches throughout the week that will be scrutinized for details about a possible schedule for stimulus tapering.
Futures for the S&P 500 were down 1.75 points, or 2.57 points below fair value, to 1,702.25. Futures for the Dow Jones Industrial Average were off 14 points, or 19.36 points below fair value, to 15,576.
Both the Dow and S&P hit record closing highs Friday despite a weaker-than-expected July employment report amid speculation that the Fed may not begin cutting-back on its stimulus program after the Fed's September meeting. As a result, benchmark 10-year Treasury soared with the yield falling from two-year highs.
Futures for the Nasdaq were down 0.5 points, or 1.22 points below fair value, to 3,135.5.Apple (AAPL) shares edged up 0.73% to $465.80 in premarket trading on Monday. The Obama administration vetoed on Saturday a ban on imports of some Apple iPads and older iPhones, dealing a setback to rival Samsung. At 10 a.m. EDT, the Institute for Supply Management's non-manufacturing Index is expected by economists to show an improvement in services sector conditions, with a rise to 53 for July from a drop to 52.2 in June. Dallas Federal Reserve Bank President Richard Fisher will speak on the economy in Portland, Ore., at 11:45 a.m.. A number of other Fed officials are also scheduled to give speeches throughout the week, including Chicago Fed President Charles Evans on Tuesday as well as Philadelphia Fed President Charles Plosser and Cleveland Fed President Sandra Pianalto on Wednesday. A number of other stocks were also in focus on Monday. Tyson Foods (TSN) was jumping 3.86% to $29.61 after the meat processor posted quarterly earnings of 69 cents a share on revenue $8.731 billion, beating the average analyst estimate of 60 cents a share on revenue of $8.65 billion amid record chicken segment results. Warren Buffett's Berkshire Hathaway (BRK.B) was rising 1% to $119 after seeing second-quarter profit rise 46% as earnings got a boost from the estimated value of Berkshire's investments and derivatives. Those investments during the latest quarter were worth $622 million; a year earlier, the company recorded a loss of $612 million on the investments. Three million Time Warner Cable (TWC) customers in New York, Los Angeles, Dallas and other cities remained without access to CBS (CBS) for a fourth day on Monday, after the cable provider dropped the network in a spat over fees. The benchmark 10-year Treasury was shedding 5/32, raising the yield to 2.621%. The dollar was falling 0.13% to $81.80 according to the U.S. dollar index. The FTSE 100 in London was falling 0.44%, while the DAX in Germany was slipping 0.27%. The Hong Kong Hang Seng closed up 0.14%, and the Nikkei 225 in Japan slid 1.44%. Follow @atwtse Written by Andrea Tse in New York >To contact the writer of this article, click here: Andrea Tse.>
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